Bitcoin price consolidation preps NEAR, APT, RNDR and MKR for more upside.
Bitcoin price consolidation preps NEAR, APT, RNDR and MKR for more upside

Bitcoin (BTC) had a tumultuous week, reaching an all-time high of $73,777 before quickly retracing back to around $64,500. As of now, it is expected to end the week with a slight decrease of approximately 1% compared to the previous week’s closing price.

Experts predict a mild correction, as they believe that lower levels will attract strong buying from investors of the Bitcoin exchange-traded fund. Thomas Fahrer, CEO of the cryptocurrency review platform Apollo, stated on X that the drop is a “Bear Trap.”

The strength of the rebound will provide a better understanding of whether the correction has ended or not. A weak recovery suggests that bears are still exerting selling pressure, which increases the likelihood of a deeper pullback. Conversely, a strong bounce indicates aggressive buying at lower levels and improves the chances of the uptrend resuming.

Will Bitcoin’s correction halt and lead to a recovery in certain altcoins? Let’s take a look at the top five cryptocurrencies that appear strong on the charts.

Understanding the Evolution of the Web and Its Impact on Cryptocurrency

The price of Bitcoin has been experiencing volatility, with a sharp correction from $73,777 on March 14 and a subsequent break below the support line of the ascending channel pattern on March 16.

As the bulls attempt to halt the decline at the 20-day exponential moving average ($65,564), they are likely to encounter resistance at the breakdown level from the channel. A failure to maintain the current level could increase the risk of a further drop in price.

If the 20-day EMA is breached, the BTC/USDT pair could potentially fall to $59,000, followed by the 50-day simple moving average ($55,303).

In order to prevent further downside, the bulls must push the price back within the channel, demonstrating strong buying at lower levels. A break and close above $73,777 would signal a resumption of the uptrend, potentially leading to a rally towards $80,000.

Despite a bearish crossover of the moving averages, the relative strength index (RSI) has risen significantly, indicating a potential decrease in selling pressure. The 20-EMA is likely to be a battleground between the bulls and bears.

If the price sharply turns down from the 20-EMA, it would suggest that bears are selling on rallies. This could result in a drop to the strong support at $64,500, and if that level is broken, the pair may plummet to $59,000.

The first sign of strength would be a break and close above the channel’s support line. This could lead to a climb towards $70,650 and eventually $72,420.

Near Protocol: A Comprehensive Price Analysis

After a strong uptrend, Near Protocol (NEAR) has experienced a pullback, which may be attributed to short-term traders booking profits. However, there are positive indications that the bulls are still in control, as the NEAR/USDT pair has found support near the 50% Fibonacci retracement level of $6.28. If this support holds, we can expect a retest of the overhead resistance at $9.01, with a potential continuation of the uptrend towards $10.50.

However, a rejection at the overhead resistance would suggest that traders are selling on rallies, potentially leading to a decline towards the 20-day EMA ($6.18). This level is crucial, as a break below it could trigger a deeper correction.

On the 4-hour chart, we can see that the bulls are actively defending the moving averages, indicating strong buying at lower levels. If the price remains above the 20-EMA, it would indicate a possible end to the correction and a potential retest of the $9.01 resistance. A break above this level would confirm the continuation of the uptrend.

However, a dip below the 20-EMA would signal significant selling pressure, potentially leading to a drop towards the strong support at $6.50.

Differences between Web 1.0, 2.0, 3.0, and 4.0

As Aptos (APT) experienced a sharp decline from $15.70 on March 16, buyers were able to hold the price above the 20-day EMA ($12.90), indicating potential buying opportunities at lower levels.

The presence of a rising 20-day EMA ($12.83) and a positive RSI suggest that bulls have the upper hand. A sustained break above $15.70 would confirm the start of the next uptrend for the APT/USDT pair, with potential targets at $16.75 and $18.69.

Alternatively, a breakdown below the 20-day EMA would suggest that every rally is being sold, signaling a potential correction towards the 50-day SMA ($10.73).

On the 4-hour chart, the moving averages have flattened and the RSI is hovering above the midpoint, indicating a possible period of consolidation for the pair between $15.81 and $12.

A decisive break above this range would indicate that buyers have absorbed the selling pressure, potentially triggering the next leg up. Conversely, a move below $12.92 could lead to a correction towards $12 and $11.50.

The Importance of Keeping Up with Crypto

As Render (RNDR) corrects to the 20-day EMA ($10.02), traders are reminded of the ongoing battle between bulls and bears in the crypto market. Despite the dip, the sentiment remains positive and buyers continue to show their support.

The recent breakout above the $12.78 resistance on March 17 signals a new uptrend for RNDR/USDT. If the price can hold above this level, the pair could potentially reach $16.81.

However, caution must be taken as a drop below the solid support at $12 could signal a potential correction. In this case, the 20-day EMA may act as a key level of support, with a break below potentially leading to a decline to the 50-day SMA ($7.09).

On the 4-hour chart, it is evident that the bulls are determined to keep the price above $10, as they quickly bought up any dips below this level. This momentum was further solidified when the price broke above the overhead resistance at $12. If this level can continue to hold, the uptrend is likely to continue.

However, the bears are not giving up without a fight and may attempt to push the price back below $12. If successful, this could be a sign that the breakout above $12.78 was a bull trap, potentially leading to a decline back to $10.

Understanding the Evolution of the Web and its Impact on Crypto

As Maker (MKR) continues its upward trend, it’s clear that the bulls are still in control after a period of consolidation. The MKR/USDT pair is expected to reach $3,580 and potentially $4,000, where the bears will likely put up a strong fight. However, as long as the bulls hold their ground above $4,000, the uptrend is likely to continue.

However, caution should be taken if the price falls below $2,976, as this would signal a rejection of higher levels by the market. In this scenario, the pair could potentially drop to the 20-day EMA ($2,525), which is a crucial level to monitor. A break below this support would give the advantage to the bears.

Looking at the 4-hour chart, we can see that the bulls are striving to maintain the pair above the ascending channel pattern. If they succeed, the pair could gain momentum and climb towards $3,725.

On the other hand, a failure to sustain above the channel would indicate a possible bull trap. The pair may then retreat back into the channel, potentially bouncing off the 20-EMA before making another attempt to break above the channel. However, if the price drops below the support line, a drop to the support line is likely.

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